The key to resolving a problem is knowing the problem
Here’s the problem, this article says that us Black people
lag in retirement savings. We have got to save more
money for our retirement. It’s always great to start early.
Our Black people save far less each month on retirement
says a updated survey. THe median monthly amount that
our Black people contribute to 401k plan is $169, but
they say that white people give $249 a month.
It was said that for the black youth saving for retirement is
not high on the list.41% of black people said retirement
was the most important goal for saving and investing.
For whites, it’s 55 percent of them who feel that way.
Stocks need to be discussed more in the black community.
I’ll get back to you on this topic. For now, for those who
don’t know about them stocks, they learn while they do it
instead of already knowing. It’s so much easier on the
mind to already know and just breeze through it.
In the study 45% of black people younger than 50
say they want to retire by age 60. Among those older than
50,24% of black people and 9% of white people want to
retire by 60 years of age.
Yes, many of us Black people place so much value on
sending children to college but don’t even think too
much about retirement. IT’s really really great
that we place such high worth on college. But
now we must think retirement , retirement.
It’s like before and after.
Ofcourse like college, we all know that retirement
takes action too. Let’s make sure we have a smooth
transition into retirement. People are not saving
early enough for retirement. But the question is
when is early enough? It’s best not to start in
middle age because this is a lifelong thing.
Two thirds of our Black people and a Half of whites
say that they would increase contributions to their
retirement plan if employers provided access to
financial advisers, seminars about retirement investing
and or education about the features of the plan.So
it’s that easy…employers should do those things!
Investing of retirement by white people was 76% last year.
This year, Ourblack people were involved in the stock
market at 62% compared to 82% for white folks.
39 percent of our black people said real estate was
the best investment overall in comparison to 37% of
our blck people who picked stocks or mutual funds
says the survey. AMong white people, 28% chose
real estate in comparison to 55% who chose
stocks and mutual funds.
By 2004, it was the height of the real estate bubble
when 61% of our black people and 51% of whites
said it was the best investment overall.